Medical billing and coding is a field that provides excellent career development opportunities, as well as flexibility. Medical billers and coders are hired by a vast range of organisations in the healthcare field, as well as by insurance companies. The need for such professionals is expected to increase in the years to come and this higher demand will also have an impact on medical coder salaries.
Medical Coder Salaries in the US
A medical coder in the
More experienced medical coders will have salaries of up to 50,609 dollars per year. The national average is 35,000 dollars. Mid-career coders can expect to earn 11 per cent more than the national average and people who are already in their late career – 26 per cent more.
In terms of hourly payments, the national median is 16 dollars. The maximum hourly rate is 23.22 dollars per hour and overtime work is compensated at 36.56 dollars per hour.
Medical Coder Salaries in Canada
The situation in
The median hourly payment for professionals that have one to five years of experience is 15.26 Canadian dollars. Medical coders that have five to nine years of experience can expect to earn 16 dollars per hour and those having 20 years of experience or more – 18.18 Canadian dollars per hour.
Salary Differences by Industry
The place of employment is one of the factors that have a profound impact on the medical coder salary.
Medical coders that work for governmental institutions are among the best-paid in the country, the Bureau of Labour Statistics (BLS) reports. These medical coders earn an average of 46,290 dollars per year.
The insurance industry is another excellent employer. Medical coders hired by insurance companies make an average of 44,110 dollars per year. The medical coders employed by hospitals earn 37,960 dollars and the ones working in physician offices earn the lowest salaries of 30,120 dollars.
Salary Differences by Region
Medical coder salaries differ greatly from one state to another.
Some of the lowest medical coder salary averages are in
According to the Bureau of Labour Statistics, there are currently 184,740 people working as medical coders and medical records technicians in the
The percentage translates to 41,100 new workplaces that will become available to medical coders in the years to come.
Currently, there’s a shortage in experienced medical coders due to the federal adoption of new coding standards. The
According to reports that were published in the beginning of 2015, the change in methodology has also led to an increase in the medical coder salaries. In 2014, medical coder salaries went up 8.4 per cent. In 2015 and 2016, coders that have experience in the new standard can expect to see even further salary increase.